Articles

A great way to save money on your tax bill is to submit a medical expense claim.  The rules regarding qualifying for a non-refundable medical tax credit as outlined by Canada Revenue Agency (CRA) are pretty straightforward. Criteria for Claiming a Medical Expense on Your Taxes The medical expense must have been paid within any … Read more

Avoiding your bookkeeping until tax season is like staying up all night to cram for a test the next day. Either way, you’re very likely to fail, and in the case of neglected bookkeeping, that could mean missing out on tax credits or deductions. It could also mean fees and penalties from CRA from a … Read more

Your children’s and grandchildren’s education is very important. And, with the costs of tuition fees and text books on the rise, it’s vital that you take the time to carefully plan the financing of their education. A registered education savings plan (RESP) is a great way to put away money for your children’s and grandchildren’s … Read more

Markets have not been performing well for the past few years; however July did see an increase in equity markets. And you likely saw this reflected in recent retirement savings plan statements. If you turn 71 this year, you must convert your RRSP into either a registered retirement income fund (RRIF) or an annuity by … Read more

Did you know that when you die, the law assumes that you’ve sold your assets on the day before your death? This means that your estate would have to pay tax on the capital gains of your assets and investments.  With proper financial and estate planning you can help to reduce or eliminate this hit … Read more

As any savvy investor knows, with careful year-round tax planning one’s investment portfolio can be a great source of tax savings. Income deferral vehicles such as the RRSP can be used to delay triggering taxes until a point in time when taxable income is lower. In addition to investing in an RRSP, you could consider … Read more

Did you know that the structure that you choose for your business can have a dramatic impact on your tax situation? Many businesses start out as sole proprietorships and that makes sense especially in those early years when you might be losing money. However, it’s important to note that incorporating your business can put you … Read more

In a previous blog post, we outlined some of the advantages of the accrual accounting system for your business. Today, we’d like to give you some tips to make the transition to accrual accounting easy and successful. Set Up Chart of Accounts One of the first steps in making the move to accrual accounting is … Read more

Farms, unlike many other businesses in Canada, can still use the cash method of accounting. Even so, many farms find the accrual accounting system a more useful business tool. The main difference between these accounting systems is the point in time at which you account for each income or expense item. In cash accounting you … Read more

There are a number of withdrawal options available to you as well as financial planning strategies that can maximize the income you receive from your RRSPs in retirement. Your RRSP Income Options Withdraw funds and pay tax on the full amount Transfer RRSP to RRIF Purchase a fixed term or life annuity Remember, you must … Read more